Revenue Accumulated Depreciation Assignment | College Homework Help

STREP NFL Streams Redd. C Home Home / Twitter Y CUNY Login NBA Streams | Red… Adjunct Instructor: James Gee Semester: Spring 2020 Sofia Retail Pocketbook Store Adjusted Trial Balance Dec. 31, 2019 Credit Debit $300,000 $58,000 125,000 222,000 98,000 23,000 369,000 90,000 Merchandise Inventory Uneamed Sales Revenue Accumulated Depreciation-Building Accounts Receivable Rent Expense Insurance Expense Building Withdrawals-Sofia Accounts Payable Interest Revenue Depreciation Expense Salary Expense Cash Note Payable Cost of Goods Sold Capital-Sofia Sales Revenue Prepaid Insurance Service Revenue 20,000 3,000 27,000 120,000 50,000 35,000 394.000 825.000 591,000 13.000 49,000 Totals S1.706,000 S 1.706,000 Problem (1) From the above prepare the 4 year-end closing journal entries (5 pts. per JE, total 20 pts.) Problem (II.) From the above prepare: 10pts.) A a list of the Liabilities, ne dollars needed-5 pts. B alist of Assets, no dollars needed 5 pts C Home G -2%20Spring%202020.pdf witter CUNY Login NBA Streams | Red… E NFL Streams Redd… 2/2 Problem (III.) For the following transactions prepare the journal entry, (5 pt. each, total of 50 pts.) Company uses a perpetual inventory system!!!!! 1. Purchased $350,000 of merchandise inventory on account from ABC Manufacturing Co., purchase terms 4/10 n/30, FOB Shipping. 2. Paid a shipping company S1,200 to deliver the above Merchandise Inventory to our store. 3. The business owner took $5,500 of merchandise inventory home to give as a gift to his wife. 4. Purchased $680,000 of merchandise inventory, we paid in cash. 5. Sale to customer Elmo on account $400,000, sales terms 3/15 n/30, cost of goods sold is $195,000. 6. Made a $10,000 sale to Paul/cost of goods is $4.000, but instead of Paul paying us cash we agreed that today he would fix our plumbing at a cost of $10,000. 7. Some of the merchandise purchased from ABC Manufacturing in l. above was the wrong color, we kept the merchandise BUT ABC Manufacturing agreed to decrease lower the purchase price by $7,000. 8. We paid ABC Manufacturing Co. the amount due within the 10-day terms 9. From 5. above Elmo was not totally happy with the sale we made to him & he did not want to return the sale but to keep our customer happy we reduced the sales price by S2,000. 10. From Elmo we received the amount due, he did NOT pay us within the 15-day terms. Problem (IVMonica Shoe Retail Store (20 pts.) Jan. 1. 2018 beginning merchandise inventory 9,400 shoes at S35 each Jan 13 2018 Purchased merchandise inventory 3,000 shoes at S38 cach Jan. 18 2018 Purchased merchandise inventory 7,000 shoes at S40 each Jan. 26 2018 Purchased merchandise inventory 6,000 shoes at S43 cach During the January 2018 month we sold 18.000 shoes for S130 cach Calculate using LIFO the Cost of Goods Sold? (15 pts.) What was the Gross Profit? (5 pts)